Help for savers as beer and bingo levies reduced

British chancellor of the exchequer George Osborne has courted voters ahead of an election in 2015 with promises of help for savers, tax breaks for manufacturers and lower levies on beer and bingo.

In an upbeat annual budget statement, Mr Osborne announced upgrades to official forecasts for the country’s economic growth, although stressing he would stick to his belt-tightening plans which will include a cap on welfare spending.

His help to savers, who have been hurt by near-zero interest rates, included an easing of requirements on pensioners to buy annuities and creation of government savings accounts which will pay above-market interest rates to people aged over 65. Shares in insurance firms fell on the announcement.